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FRO
FRO
Frontrange Limited - Update On Disposal Transaction
FRONTRANGE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/009928/06)
Share code: FRO ISIN: ZAE000035325
("the company")
UPDATE ON DISPOSAL TRANSACTION
Closing of the disposal transaction
Ernst & Young Sponsors (Proprietary) Limited is authorised to announce that:
1) all conditions relating to the transaction (details of which have previously
been announced on 4 November 2005 and 6 December 2005), whereby the company:
- disposed of the entire issued share capital of and claims on loan account
against FrontRange South Africa (Proprietary) Limited;
- disposed of the entire outstanding stock of Cayo Communications Inc.;
- authorised and empowered its directors to procure, through Ixchange
International Holdings ApS, the sale by Ixchange CRM International Holdings ApS
of its interests in FrontRange Solutions Inc.;
have been met;
2) the transaction was closed and became effective on 23 December 2005; and
3) the company has confirmed that it has received into its US dollar bank
account the related disposal proceeds.
Salient dates
2005
Last day to trade for shareholders to Thursday, 29 December
receive distribution on
Date of suspension of shares by the JSE Friday, 30 December
on
2006
Date of announcement of final Friday, 6 January
distribution amount on or before
Record date for shares to appear in the Friday, 6 January
register for distribution on
Date of distribution to shareholders on Monday, 9 January
Termination of listing, at commencement Tuesday, 10 January
of trade, on
Update on hedging of currency position
To date the company has sold forward, for value date 3 January 2006, US$108
million, representing approximately 72% of the disposal proceeds, at an average
exchange rate of R6,346 per US$.
Final distribution
Shareholders will be informed by way of an announcement on SENS, on or before
Friday, 6 January 2006, of the exact amount to be distributed per share once the
entire disposal proceeds have been converted from US dollars into rands and the
related estimated interest is accounted for.
Johannesburg
27 December 2005
List of advisors:
Sponsor
Nedbank Capital
Transactional sponsor and corporate advisors:
Ernst & Young Sponsors (Pty) Ltd
Incorporated in the Republic of South Africa
(Registration number 2000/031843/07)
Legal advisors / attorneys
Webber Wentzel
Date: 27/12/2005 10:53:38 AM Produced by the JSE SENS Department
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